Alex
The market it not turning around. The Coast Commission is taking part of the sales tax increase and is going to create more land, so land values will be dropping at least 20% for the next two years...it was in the LA Times...

Sorry for the sarcasm...but, no, the land values will be declining and at SOME POINT will be going back up.

This is without the benefit of my crystal ball:
1. In the Long Term (five plus years) home values will go UP (unless there is an earthquake)
2. In the Short Term dress lengths will be shorter and tempers will match. Homes values will follow dress lengths.
3. If you are buying because you RENT right now, odds are you'll come out ahead.

If you own right now, don't sell, buy and rent out the other unit.

Good luck

I do think that once the market has adjusted that downtown could be a very exciting place to live! It really depends upon how the planning has been done to revitalize the area..it's been a long time coming..but I believe in the future of downtown.

Hello Alex,

As gas prices go up and traffic in LA gets worse, many people are making the move to Downtown LA. There is also a lot of development going on in Los Angeles that I think will draw people to live in Downtown. The more companies invest in creating a better urban center in Los Angeles the more people will move there. Dubbed the Downtown Renaissance. Downtown Los Angeles once had a stigma to it. It was an urban wasteland. As more great new projects go in, I feel it will be a great place to buyI in our un-pedestrian friendly town, Downtown will be one of the few areas that is truly walkable-work, live and play. Los Angeles real estate prices have historically doubled every 10 years. Owning in LA is a safe bet, be in Downtown or anywhere else.

Best,

Monique Carrabba
The Reavis Group at Keller Williams http://www.thereavisgroup.com
mcarrabba@kw.com

Alex:

Downtown LA is have billions of dollars invested in bringing it into this Century and making a destination location again. Of course my crystal ball is broken, however I believe that those who find great deals in Downtown real estate in the coming year(s) will probably be happy they did.

KFWB produced an exclusive on the Downtown LA marketplace just this week. I have provided the link below. It has some very interesting information which some would view as bad and others would view as opportunity. Listen and decide what you hear. And Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty

Downtown is definitely getting nicer, so that should make buyers feel safe. There are finally some supermarkets, so you don't have to drive miles away to get groceries. We think as long as you are not planning to try to flip a property in the next year or two then a purchase downtown could be a good investment. Condos are still relatively cheap downtown compared to West Hollywood, Westwood, Miracle Mile, etc... and as the area gets nicer and the market improves it is likely the property values will go up. It is more of a slow and steady, patient type of investment though, not something to make a quick buck. If you need any help with your purchase take a look at our website and get in touch with us!